Monday, May 7, 2007
Category:
Home Improvements
Research conducted by AA Legal Services has found that many homebuyers are failing to protect themselves from property nightmares.
They have found that less than one in four homeowners have failed to take the necessary simple steps to properly check their dream house before they buy it.
While Brits owe more than £340billion in mortgage repayments and with the average UK home costing £185,000, there are still many homebuyers who are spending their last pennies on covering the cost of mortgage payments rather than checking the quality of the home they are about to buy.
Checking the quality of homes is not a main concern for homeowners the AA Legal Services found. From the 1,200 British homeowners questioned, just 28% had commissioned a structural survey of their property (beyond the mortgage valuation) or checked for flood risk. Fewer still at 14% had sought an independent conveyancing service. Also, even though complaints made about noisy neighbours have had a fivefold increase in the last 27 years, just 15% of homebuyers have met their prospective neighbours before buying.
Further findings show that low income buyers planning to invest in homes worth under £100,000 were the most likely to be putting themselves at risk. Only 6% sought any kind of independent conveyancing and only 17% looked for an independent survey.
Commenting on the research, James Molloy at AA Legal Services, points out that moving home is one of the most important life events, and the biggest one-off financial investment most people ever make. “I’m very worried that so few people take steps to protect their investment and ensure that their interests are represented.”
On the other hand, the research has found that younger home buyers, aged between 18 and 24, were more likely to consider the costs of insuring their new home, 40% compared to 21% nationally, and looking into council tax rates, 45% compared to 29% nationally.
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Homeowners who have just moved home and need some extra cash to help, could consider a
secured loan. A secured loan is one of the many options available to homeowners. A personal secured loan could help provide homeowners with necessary funds to pay for essential work like refitting kitchens or bathrooms. Once settled in your new home a secured loan could help with simple redecorations, a simple lick of paint on a living room can make all the difference and help you feel more at home. Lastly, a secured loan could be used to add a conservatory if desired.
